An interim dividend of 2.67p per share for the half year to 30 November 2020 (2019: 2.67p) has been declared by PZ Cussons, totalling £11.2 million (2019: £11.2 million) and is payable on 1 April 2021 to shareholders on the register at the close of business on 12 February 2021. This interim dividend has not been recognised in this half yearly report as it was declared after the end of the reporting period. The proposed final dividend for the year ended 31 May 2020 of 3.13p per share, totalling £13.1 million, was approved by shareholders at the Annual General Meeting of the Company and paid on 3 December 2020.
Other financial highlights include:
Revenue growth of 14.6% with growth in all Regions.
Focus Brands revenue grew 21.9% driven by Carex, Morning Fresh, Cussons Baby and St Tropez.
Adjusted operating profit of £36.4m, increased 14.8%, driven by improved performance in all Regions partially offset by increased Central investment in capabilities.
Growth in adjusted operating margin despite increased investment in marketing and organisational capabilities.
Adjusted profit before tax of £34.9m, an increase of 18.7% reflecting the increase in adjusted operating profit and a lower interest charge.
Reported profit before tax of £36.3m, slightly below last year due to the profit on disposal of our Greece business last year, and in this year exceptional costs primarily related to Nigeria.
Balance sheet continues to strengthen with net debt of £18.2m versus £137.7m last year, with undrawn financing facilities at 30th November 2020 of £217m.
Capital markets day scheduled for 25 March.